Venezuela Standing at the Cross-Roads Once Again

This is an excellent article by Michael Roberts about the economic history of Venezuela  since the time of Chavez to today. Michael says that under Chavez 2005-2013 growth was 4.5-5% per year and he supported the formation of working class organizations.

Under Maduro the working class has suffered. Michael says that if Maduro loses it won’t because socialism has failed but because Maduro and even Chavez did not bring the non-oil producing capitalist industries under state control. They also failed to diversify their economy away from oil. Of course US machinations have a lot to do with Venezuela’s problems, but the bigger problem is the failure of socialist leaders to act like socialists.

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